{"id":125980,"date":"2025-03-28T05:18:08","date_gmt":"2025-03-28T05:18:08","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125980"},"modified":"2025-03-28T05:18:08","modified_gmt":"2025-03-28T05:18:08","slug":"south-carolina-dismisses-its-staking-lawsuit-against-coinbase-joining-vermont","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125980","title":{"rendered":"South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont"},"content":{"rendered":"

Source: Cointelegraph.com NewsSouth Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities.
\nThe lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General\u2019s securities division on March 27.
\n\u201cSouth Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,\u201d the firm\u2019s chief legal officer, Paul Grewal, said in a March 27 X post.
\n\u201cThis is not just a victory for us, but for American consumers and we hope it’s a sign of things to come in the few states left that restrict staking.\u201d
\nSouth Carolina Attorney General and Coinbase\u2019s joint stipulation. Source: South Carolina Attorney GeneralSouth Carolina and Vermont were two of 10 US states that took legal action against Coinbase’s staking services on June 6, 2023 \u2014 the same day that the federal securities regulator filed its lawsuit against the crypto exchange.
\nThe Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025.
\nThe other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin.\u00a0
\nGrewal said he hoped to see other states follow suit, and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.
\n\u201cThe 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,\u201d he said. \u201cWe applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.\u201d
\nSouth Carolina introduces Bitcoin reserve bill
\nMeanwhile, a state lawmaker has just introduced the \u201cStrategic Digital Assets Reserve Act of South Carolina\u201d on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin (BTC).
\nUnlike most US state crypto reserve bills, North Carolina\u2019s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish.
\nSource: Jordan PaceThe bill allows South Carolina\u2019s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin \u2014 a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve.
\nThe treasurer would be able to add Bitcoin to South Carolina\u2019s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage.
\nRelated: Coinbase files FOIA to see how much the SEC\u2019s \u2018war on crypto\u2019 cost
\nWhile no mention of stablecoins, non-fungible tokens, Ether (ETH) or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn\u2019t be limited to Bitcoin.
\nAccording to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live.
\nEarlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.
\nMagazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsSouth Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125980"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125980"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125980\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125980"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}